Timberland Bancorp Reports Third Fiscal Quarter Net Income of $5.92 Million

Core Viewpoint Timberland Bancorp, Inc. reported a net income of $5.92 million for the quarter ended June 30, 2024, reflecting a 4% increase from the previous quarter, but a 6% decrease compared to the same quarter last year. The company experienced improvements in net interest margin and loan portfolio growth, although overall earnings were lower than the previous year due to increased deposit costs impacting margins. Earnings Highlights - Net income for the quarter was $5.92 million, or $0.74 per diluted common share, up from $5.71 million and $0.70 per share in the prior quarter, but down from $6.31 million and $0.77 per share a year ago [1][10][12] - Earnings per diluted common share (EPS) increased by 6% from the previous quarter but decreased by 4% year-over-year [12] - For the first nine months of fiscal 2024, net income decreased by 12% to $17.93 million, or $2.21 per diluted common share, compared to $20.48 million, or $2.47 per share for the same period in fiscal 2023 [10][12] Balance Sheet Highlights - Total assets decreased by $6.61 million, or less than 1%, to $1.90 billion from the previous quarter, but increased by $92.92 million, or 5%, year-over-year [7][13] - Total deposits decreased by $10.01 million, or 1%, during the quarter, but increased by 5% year-over-year [34][13] - Total shareholders' equity increased by $2.54 million, or 1%, to $241.23 million at June 30, 2024 [37] Loan Portfolio - Net loans receivable increased by $37.90 million, or 3%, during the quarter, with an 11% increase year-over-year [27][10] - The loan portfolio growth was primarily driven by increases in commercial real estate, one- to four-family, and multi-family loans [2][27] - Timberland originated $74.32 million in loans during the quarter, compared to $39.37 million in the previous quarter [32] Non-Interest Income and Expenses - Non-interest income increased by $176,000, or 7%, to $2.79 million for the current quarter compared to the previous quarter [24] - Total operating (non-interest) expenses increased by $78,000, or 1%, to $11.07 million from the previous quarter [6][10] Asset Quality - Non-performing assets to total assets ratio was 0.22% at June 30, 2024, compared to 0.19% at March 31, 2024 [39] - Net charge-offs totaled $36,000 for the current quarter, up from $3,000 in the previous quarter [39][40] Dividend Announcement - The Board of Directors announced a quarterly cash dividend of $0.24 per share, marking the 47th consecutive quarter of dividend payments [11]